Twitter poised for biggest weekly drop since early May (2:29 pm ET)Shares of Twitter Inc.
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posted sharp losses this week in the wake of its quarterly earnings, putting the stock on course for its biggest weekly drop since early May. Twitter on Wednesday reported above-estimate second-quarter earnings and a robust rise in revenue but shares have been pummeled by investors disappointed over the company's inability to better grow users. Shares of the microblogging company are off 1.2% to $31.07, for a weekly loss of 12% with slightly over an hour until the closing bell. At its current pace, the stock is poised for its biggest weekly fall since early May when the company's first-quarter results sparked a big selloff in shares.

Chevron's stock slumps after 'weak' second-quarter results(8:44 am ET)Chevron Corp.'s stock
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slumped 1.9% in premarket trade Friday, after the oil giant reported a sharp decline in second-quarter profit and sales, hurt by lower crude prices and one-time charges. Net earnings fell to $571 million, or 30 cents a share, from $5.67 billion, or $2.98 a share, in the same period a year ago. The results include one-time charges of $2.6 billion for impairments and project suspensions, partially offset by $1.8 billion in gains from asset sales. Chevron's upstream business swung to a net loss of $2.22 billion from a profit of $5.26 billion, while profit at its downstream business increased to $2.96 billion from $721 million. Revenue fell to $36.83 billion from $55.58 billion. The FactSet consensus was $35.7 billion. "Second quarter financial results were weak, reflecting a crude price decline of nearly 50 percent from a year ago," said Chief Executive John Watson. "Our Upstream businesses were particularly hard hit, as lower prices reduced revenues and triggered impairments and other charges." The stock has tumbled 16% over the past three months through Thursday, while the S&P 500 has gained 1.1%.

Royal Caribbean shares jump premarket as profit tops estimates, outlook raised(8:12 am ET)Royal Caribbean Cruises Ltd. shares
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surged 4.4% in premarket trade Friday, after the company reported stronger-than-expected second-quarter profit and raised its outlook for the full year. The cruise operator said it had net income of $185 million, or 84 cents a share, in the quarter, up from $137.7 million, or 62 cents a share, in the year-earlier period. Adjusted EPS also came to 84 cents, well above the FactSet consensus of 73 cents. Revenue rose to $2.06 billion from $1.98 billion, matching the FactSet consensus. "Overall, the year will be another solid step towards the Double-Double," the company said in a statement. "Commercially, the business continues to perform as expected and the biggest drivers of our increased guidance are better foreign exchange and fuel rates." The company is now expecting full-year adjusted per-share earnings of $4.65 to $4.75, 15 cents above its April guidance. Shares are up 0.4% in the year so far, while the S&P 500 has gained 2.4%.

Thursday, July 30

Expedia shares up 7% after EPS beat(4:46 pm ET)Expedia Inc.
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said Thursday it earned $450 million, or $3.38 a share, compared with 67 cents a share a year ago. Revenues rose to $1.66 billion from $1.5 billion a year ago, in line with Wall Street expectations. Adjusted for one-time items, the Bellevue, Wash. company earned 89 cents a share in the quarter. Analysts surveyed by FactSet had expected the company to report adjusted earnings of 84 cents a share. Shares of Expedia rose 7.3% in after hours after ending the regular session up 0.7%.

Shares of Electronic Arts drop in wake of first-quarter results(4:22 pm ET)Shares of Electronic Arts Inc.
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fell in Thursday's extended trade after the video game company reported better-than-expected quarterly earnings but issued a weak full year revenue outlook. EA reported its fiscal first-quarter earnings rose to $442 million, or $1.32 a share, from $335 million, or $1.04 a share, a year earlier. On an adjusted basis, EA earned 15 cents a share, ahead of the 2 cents a share forecast by analysts in a FactSet survey. Revenue slid to $1.2 billion from $1.21 billion but still above the $654 million projected by Wall Street. The company projected 2016 adjusted EPS of $2.85 and revenue of $4.3 billion versus analysts' estimate of $2.80 a share and $4.8 billion in revenue. Shares of EA were off 2% in after hours. [Updated to cite source of analysts' data.]

Amgen shares rise after quarterly results top Street view(4:16 pm ET)Amgen Inc.
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shares rose in the extended session Thursday after the biotech topped Wall Street estimates for the second quarter. Amgen shares advanced 1.9% to $175 on moderate volume. The company reported adjusted earnings of $2.57 a share on revenue of $5.37 billion. Analysts surveyed by FactSet had estimated $2.43 a share on revenue of $5.32 billion. Amgen said it expects adjusted 2015 earnings of $9.55 to $9.80 a share on revenue of $21.1 billion to $21.4 billion, while analysts surveyed expect earnings of $9.62 a share on revenue of $21.13 billion.

LinkedIn shares soar 13% on earnings beat(4:13 pm ET)LinkedIn Corp.
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on Thursday reported a loss of $68 million, or 53 cents a share, in the second quarter, compared with a loss of $1 million, or 1 cent a share, a year ago. Adjusted for one-time items, the company reported earnings of 55 cents a share, up from 51 cents a share a year ago. Sales hit $712 million, up from $534 million a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 30 cents a share on sales of $680 million. Shares of LinkedIn soared 13% in after-hours trading after ending the regular session down 2.1%. The company said it expects 2015 revenue of about $2.94 billion, a 33% year-over-year growth, and adjusted 2015 EPS of about $2.19 per share. The analysts surveyed by FactSet had expected 2015 EPS of $1.93 a share.

FireEye beats expectations, announces CFO departure; shares fall(4:06 pm ET)Cybersecurity firm FireEye Inc.
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beat earnings expectations Thursday as the company's fast-growing revenue helped losses narrow, but the financial executive who has overseen the company's rapid rise is departing for a startup. FireEye reported a net loss of $133.6 million, or 87 cents a share, on sales of $147.2 million, with losses falling to 41 cents a share after adjustments for share-based compensation and other factors. Analysts surveyed by FactSet had expected adjusted earnings of 48 cents a share on sales of $143.2 million. FireEye, which grew sales 56% year over year and decreased losses as a percent of revenue from 83% to 43%, also said Chief Financial Officer Michael Sheridan would leave the company in early August to be CFO "at a private technology company in an unrelated industry." Frank Verdecanna, vice president of finance, will take over the role on an interim basis as FireEye conducts an external search to replace Sheridan, who has been in the position since 2011. Shares fell 6% in late trading after closing with a 0.5% gain at $47.76.

3D printing stocks slump as Stratasys earnings disappoint(1:00 pm ET)3D printing stocks fell after Stratasys Ltd.
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Thursday reported weak quarterly results and withdrew its full year outlook due to a lack of clarity on when business conditions will improve. The 3D printer maker posted second-quarter earnings of 15 cents a share, below the 16 cents a share projected by analysts in a FactSet survey. Revenue totaled $182 million, missing estimates of $184 million. For the third quarter, the company expects earnings per share of 3 cents to 13 cents and revenue in a range of $175 to $190 million versus 45 cents a share and revenue of $215 million forecast by analysts. Shares of Stratasys slumped to a 52-week low of $30.25 before paring losses to $32.72. 3D Systems Corp.
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dropped 8.8% to $13.88 and ExOne Co.
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slid 2.6% to $9.04.

Facebook stock opens lower despite upbeat analysts(9:32 am ET)Shares of Facebook Inc.
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opened down more than 2% on Thursday despite a wave of stock-target increases at several brokerages following the company's stronger-than-expected quarterly earnings report. Among the banks raising their price targets were Deutsche Bank, to $115 from $100; Goldman Sachs, to $110 from $102; Raymond James; to $115 from $110; Citigroup, to $112 from $97; Stifel Nicolaus, to $108 from $95; and Barclays, to $105 from $98. The most bullish increase came from Piper Jaffray, which raised its target to $146 from $120. Piper Jaffray analyst Gene Munster, who now as the highest price target on the stock among a poll of roughly 40 Facebook analysts surveyed by FactSet, said that he continues to be bullish on Facebook's core properties, like Newsfeed and Instagram, and believes virtual reality will be a stock catalyst through the second-half of 2015 as Facebook gets ready to launch Oculus Rift in the first quarter of 2016. The average 12-month target on the stock is $107.32, according to FactSet. Despite the increases, shares of Facebook opened at $94.91 versus Thursday's closing price of $96.99. "We would be buyers on any pullback," Munster said.

T-Mobile shares jump 5.6% after profit, revenue blow past estimates(7:47 am ET)T-Mobile US Inc. shares
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climbed 5.6% in premarket trade Thursday, after the company blew past estimates for its second quarter. The company reported net income of $361 million, or 42 cents a share, in the quarter, down from $391 million, or 48 cents a share, in the year-earlier period. Revenue climbed 14% to $8.2 billion. The FactSet consensus was for EPS of just 19 cents and revenue of $8.0 billion. The company had a loss of $63 million in the first quarter, but now expects to be profitable for all remaining quarters of 2015. The second-quarter results reflect low churn and strong growth in customer metrics, Chief Executive John Legere said in a statement. T-Mobile added 2.1 million customers in the quarter, bringing the total to 58.9 million. Branded postpaid net customers additions came to 1 million, comprising 760,000 phone net customer additions and 248,000 mobile broadband net customer additions. The company raised its full-year subscriber outlook to 3.4 million to 3.9 million branded postpaid net additions and said it is sticking with its goal of adjusted EBITDA of $6.8 billion to $7.2 billion. Shares have gained 37% in the year so far, while the S&P 500 is up 2.4%.

Procter & Gamble beats profit expectations, but provides downbeat outlook(7:16 am ET)Procter & Gamble Co.
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reported on Thursday fiscal fourth-quarter net earnings of $521 million, or 18 cents a share, down from $2.58 billion, or 89 cents a share, in the same period a year ago. Excluding non-recurring items, such as a charge related to the Venezuelan operations, the consumer products giant said core earnings per share came in at $1, beat the FactSet consensus of 95 cents. Sales fell 9% to $17.8 billion, just shy of the FactSet consensus of $17.9 billion, with unfavorable currency movements reducing sales by nine percentage points. Beauty, hair and personal care sales fell 1%, as improved pricing was offset by a decline in volume, while grooming sales rose 1% and health care sales rose 4%. For fiscal 2016, P&G expects core EPS to rise in the mid-single digit percentage range from 2015's $3.77. The FactSet consensus of $4.14 implies a 9.8% increase. The stock, which slipped 0.2% in premarket trade, has shed 11% year to date, while the Dow Jones Industrial Average has lost 0.4%.

Colgate-Palmolive profit matches estimates, sales slightly short(7:11 am ET)Colgate-Palmolive Co.
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said Thursday it had net income of $574 million, or 63 cents a share, in the second quarter, down from $622 million, or 67 cents a share, in the year-earlier period. Exclcuding special charges, per-share earnings came to 70 cents, matching the FactSet consensus. Sales edged down 6.5% to $4.07 billion, just below the FactSet consensus of $4.08 billion. Chief Executive Ian Cook said worldwide organic sales rose 5.5%, led by emerging markets, while the company expanded is share of the global toothpaste market to 45%, up 0.5 points from a year ago. "As we look ahead, macroeconomic conditions and foreign exchange volatility remain challenging," he said in a statement. "Despite that, we anticipate another year of solid organic sales growth driven by a full new product pipeline across all categories and geographies." The company is expecting full-year EPS to decline in the low single digits on a dollar basis. Shares were slightly lower in premarket trade and are down 0.4% in the year so far, while the S&P 500 has gained 2.4%.

Time Warner Cable profit slides 19%, misses forecasts(6:46 am ET)Time Warner Cable Inc.
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said on Thursday second-quarter profit dropped to $463 million, or $1.62 a share, from $499 million, or $1.76 a share, in the same period a year ago. Adjusted earnings dropped 19% to $1.54 a share, missing forecasts of a $1.80-a-share profit. The cable-TV provider said the slide in earnings was mainly because of a drop in operating income and an increase in tax provision, as well as merger-related costs. Revenue for the period rose 3.5% to $5.93 billion, broadly in line with estimates of $5.94 billion.

Wednesday, July 29

AMC shares lower after company misses EPS estimates(4:14 pm ET)AMC Entertainment Holdings Inc.
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said Wednesday it earned $43.9 million, or 45 cents a share, compared with 32 cents a share a year ago. Revenue hit $821.1 million, up from $727 million, the company said. Analysts polled by FactSet had expected AMC to report earnings of 47 cents a share on sales of $810 million. The movie-theater chain said its average ticket price rose to $9.91 from $9.55 a year ago, and its food and beverage revenues per movie-goer rose 10% to $4.65, the highest ever for the company. Shares of AMC fell 1.6% in late trading Wednesday, after ending the regular session up 1.7%.

Skechers shares jump after profit, sales blow past estimates (4:13 pm ET)Skechers USA Inc. shares
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rallied about 10% in after-hours trade Wednesday, after the casual footwear company blew past second-quarter profit and sales estimates. The company said it had net profit of $79.8 million, or $1.55, in the quarter, up from $34.8 million, or 68 cents a share, in the year-earlier period. Sales climbed to $800.5 million from $587.1 million. The FactSet consensus was for EPS of $1.01 and sales of $736 million. "Driving this growth were double-digit increases in our three main business channels: domestic wholesale with an average price per pair increase of 9.0 percent; international wholesale, which includes 665 third-party-owned Skechers retail stores; and Company-owned Skechers domestic and international retail stores with a total comp store sales increase of 12.9 percent for the quarter," Chief Operating Officer and Chief Financial Officer David Weinberg said in a statement. The company is 'comfortable' with consensus estimates for the second half, he said. Shares have gained 132% in the year so far, while the s&P 500 is up 2.4%.

CORRECTED: Humana beats profit expectations, but misses on sales(1:03 pm ET)Humana Inc.
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reported a second-quarter net profit of $793 million, or $2.85 a share, compared with $646 million, or $2.19 a share, in the same period a year ago. Excluding non-recurring items, such as a gain from the sale of assets, adjusted earnings per share came in at $1.67. The FactSet consensus was $1.63. Revenue rose 12% to $13.73 billion, just shy of the FactSet consensus of $13.77 billion, as a 12% increase in total premiums and services revenue of $13.62 billion missed the FactSet consensus of $13.71 billion. Individual Medicare Advantage membership as of June 30 increased 15% from a year ago to 2.7 million, while group membership declined 1.4% to 473,100. The healthcare company agreed earlier this month to be acquired by Aetna Inc.
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for $37 billion. "While certain operational challenges impacted our second quarter results, we are encouraged by recent progress and appreciate the diligence with which our leaders and associates have worked to overcome these issues," said Chief Financial Officer Brian Kane. The stock, which was still inactive in premarket trade, has run up 28% year to date, while the S&P 500 has gained 1.7%.

Starz misses on profit and revenue, but subscriptions jump(8:31 am ET)Media and Entertainment company Starz Inc.
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missed FactSet consensus on earnings per share and revenue when it reported second-quarter earnings Wednesday morning. Starz said it had earnings of $63.4 million, or 59 cents a share, down from $70.1 million, or 62 cents a share, in the year-earlier period, and below the FactSet consensus of 64 cents a share. Revenue came in at $418 million, up from $410 million a year ago, but below the FactSet consensus of $450 million. The network said its original programming is on track to reach 75-80 new episodes of original series. Starz subscriptions increased 1.5 million to 23.5 million. Starz's stock, which was still inactive in premarket trade, is up 51% in the year to date.

MasterCard meets profit and revenue estimates(8:11 am ET)MasterCard Inc.
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said Wednesday it had net profit of $921 million, or 81 cents a share, in the second quarter, compared with $931 million, or 80 cents a share, in the year-earlier period. Excluding a charge relating to a U.K. merchant litigation settlement, per-share earnings came to 85 cents, matching the FactSet consensus. Revenue rose 1% to $2.4 billion, also matching the FactSet consensus. The payment card company said cross-border volumes rose 17%, while processed transactions were up 13% to $12 billion. "We are executing on our strategy to grow our business by focusing on winning new deals in our core payments business, while building out our data analytics, processing and safety applications," Chief Executive Ajay Banga said in a statement. Shares fell 3% in premarket trading, but are up about 10% in the year so far, while the S&P 500 has gained 1.7%.

Altria's stock rallies after profit, sales rise above expectations(7:15 am ET)Cigarette seller Altria Group Inc.'s stock
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climbed 1.4% in premarket trade Wednesday, after the cigarette seller reported second-quarter profit and sales that rose above expectations. Net earnings rose to $1.45 billion, or 74 cents a share, from $1.26 billion, or 64 cents a share, in the same period a year ago. Adjusted earnings per share of 74 cents beat the FactSet consensus of 71 cents. Revenue increased 5.7% to $6.61 billion, with smokeable products revenue growing 6.5% to $5.97 billion. Revenue net of excise taxes increased 6.7% to $4.9 billion, above the FactSet consensus of $4.75 billion. Altria lifted its full-year 2015 adjusted EPS outlook to a range of $2.76 to $2.81 from $2.75 to $2.80, and set a new $1 billion stock repurchase program. Chief Executive Marty Barrington said Altria's brands "continued to strengthen their market leadership, with record retail share on Marlboro and more than 51% combined share on Copenhagen and Skoal year-to-date." The stock has climbed 10% over the past three months, while the S&P 500 has slipped 0.7%.

Tuesday, July 28

IAC shares higher on earnings beat(4:29 pm ET)IAC/InterActive Corp.
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said Tuesday it earned $59.3 million, or 68 cents a share, reversing a loss of 22 cents a share a year ago. Adjusted for one-time items, the company reported earnings of 85 cents a share in the quarter. Revenue hit $771.1 million, up from $756 million a year ago. Analysts polled by FactSet had expected adjusted earnings of 59 cents a share on sales of $776 million. IAC brands include sites such Match.com, About.com, and Investopedia, and the dating app Tinder. The company said last month it would spin off its dating business, The Match Group, and said Tuesday that IPO is expected to completed in the fourth quarter. The Match Group revenue increased 19%, with a 18% growth in dating paid subscribers to more than 4.1 million globally, the company said. Shares of IAC rose 1.7% in after-hours trading Tuesday after ending the regular session up 0.7%.

Twitter stock soars after strong quarterly beat(4:19 pm ET)Shares of Twitter Inc.
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jumped 3% in after-hours trade Tuesday after the microblogging site said it topped sales and non-GAAP earnings expectations for the second quarter on a sharp rise in advertising revenue. Twitter reported a net loss of $136.7 million, or 21 cents a share, compared with a year-earlier loss of $144.6 million, or 24 cents. Excluding one-time items, the company said it earned 7 cents a share, topping average analyst estimates of 4 cents, according to FactSet. Revenue increased 61% year-over-year to $502.4 million from $312.2 million a year ago, above the Street's view of $482 million. For the third quarter, Twitter is forecasting revenue between $545 million and $560 million, bracketing the consensus view of $556 million. For the full year, it's calling for revenue in the range of $2.2 billion to $2.27 billion, mostly above the average analyst estimate of $2.2 billion. The company also reduced its estimate on capital expenditures, to a range of $450 million to $550 million.

Yelp's stock tumbles after disappointing outlook offset profit and sales beat(4:19 pm ET)Yelp Inc.'s stock
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tumbled 14% in after-hours trade Tuesday, after the online reviews service beat second-quarter expectations, but provided a downbeat sales outlook for the current quarter and cut its full-year outlook. For the quarter ended June 30, Yelp swung to a loss of $1.3 million, or 2 cents a share, from a profit of $2.7 million, or 4 cents a share, in the same period a year ago. Excluding non-recurring items, adjusted earnings per share came in at 12 cents, above the FactSet consensus of 1 cent. Revenue rose 51% to $133.9 million, above the FactSet consensus of $133.4 million, as better-than-expected brand advertising and other revenue offset a slight miss in local advertising revenue. Looking ahead, Yelp said it expects third-quarter revenue of $139 million to $142 million, below the FactSet consensus of $152.4 million. The company slashed its full-year sales outlook to range of $544 million to $550 million from $574 million to $579 million. The stock has tumbled 35% over the past three months through Tuesday's close, while the S&P 500 has slipped 1%.

Gilead rallies after earnings beat Wall Street's expectations(4:16 pm ET)Shares of Gilead Sciences Inc.
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rallied in Tuesday's extended trade after the biotechnology giant turned in quarterly results that far exceeded expectations. Gilead reported its second-quarter earnings rose to $4.49 billion, or $2.92 a share, from $3.66 billion, or $2.20 a share, a year earlier. On an adjusted basis, Gilead earned $3.15 a share, ahead of analysts' estimate of $2.71 a share. Revenue grew to $8.24 billion from $6.54 billion. Analysts surveyed by FactSet had expected revenue of $7.6 billion. The company also raised its full-year 2015 revenue outlook to a range of $29 billion to $30 billion. Gilead shares were up 4.8% to $115.87.

Baidu's stock plunges after disappointing results prompt an analyst downgrade(8:46 am ET)Baidu Inc.'s stock
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plunged 13% in premarket trade Tuesday, putting it on track to open at a 13-month low, after the Chinese Internet company's disappointing second-quarter results and outlook prompted a downgrade by Pacific Crest. Analyst Cheng Cheng cut his rating to sector weight, after being at overweight for at least 2 1/2 years. He believes a fair value for the stock is $175, or 11% below Monday's closing price of $197.68. Cheng believes Baidu's online-to-offline (O2O) initiative could eventually boost monetization efforts, but for now, it is creating higher spending and could hurt revenue growth. "These headwinds may last for years and create a 'valley' in earnings growth," Cheng wrote in a note to clients. He also believes greater competition greatly increases risk for Baidu as the company shifts some of its user base from search to O2O.

UPS's stock climbs after profit rises above expectations(8:06 am ET)United Parcel Service Inc.'s stock
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ran up 1.5% in premarket trade Tuesday, after the package-delivery giant beat second-quarter profit expectations, although sales missed. Earnings climbed to $1.23 billion, or $1.35 a share, from $454 million, or 49 cents a share, in the same period a year ago. That beat the FactSet earnings-per-share consensus of $1.27. Revenue slipped 1.2% to $14.1 billion, below the FactSet consensus of $14.5 billion. Domestic package revenue rose 1.6% to $8.81 billion, but missed the FactSet consensus of $9.01 billion, while international package sales and supply chain and freight revenue declines slightly more than expected. The company affirmed the full-year 2015 EPS outlook of $5.05 to $5.30. "Even though the U.S. economy appears to be growing at a slower pace, our global portfolio and performance reinforces our expectations to attain the higher-end of the guidance range," said Chief Financial Officer Richard Peretz. The stock has lost 5.6% over the past three months through Monday, while the S&P 500
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has slipped 2.2%.

JetBlue meets profit and revenue estimates, buoyed by lower fuel costs(7:42 am ET)JetBlue Airways Corp.
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said it had net income of $152 million, or 44 cents a share, in the second quarter, down from $230 million, or 68 cents a share, in the year-earlier period. Revenue climbed to $1.6 billion from $1.5 billion. The figures matched the FactSet consensus on both counts. Revenue passenger miles rose 8.7% to 10.6 billion, as capacity increased 8.5%, yielding a second-quarter load factor of 85.6%, or 1 point above the year-earlier period. Costs per available seat mile (CASM) fell 8.6% to 10.86 cents, but were up 0.6% excluding fuel and profit sharing. The company is expecting CASM excluding fuel and profit sharing to rise 1% to 3% in the third quarter and 1.5% for the full year. Capacity is expected to increase by 8.5% to 10.5% in the third quarter, and by 7% to 9% for the full year. Shares were not yet active in premarket trade, but are up 41% in the year so far, while the S&P 500 has gained 0.4%.

Merck beats profit expectations and raises its outlook(7:29 am ET)Merck & Co.
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reported a second-quarter net profit that fell to $687 million, or 24 cents a share, from $2 billion, or 68 cents a share, in the same period a year ago. Excluding non-recurring items, such as costs related to acquistions and divestitures, adjusted earnings per share came in at 86 cents, beating the FactSet consensus of 81 cents. Revenue fell 11% to $9.79 billion, just shy of the FactSet consensus of $9.81 billion, with currency movements reducing revenue by 7 percentage points. Pharmaceutical sales fell 6%, but increased 3% excluding the effect of currency translation, helped by strength in Merck's hospital acute care, oncology and diabetes businesses. For the full-year 2015, Merck raised its adjusted EPS outlook to a range of $3.45 to $3.55 from $3.35 to $3.48, according to FactSet. "We're investing resources to grow our strongest brands and to support the most promising assets in our pipeline, while at the same time lowering our cost base and delivering operating leverage," said Chief Executive Kenneth Frazier. The stock, which was indicated up nearly 3% in premarket trade, has lost 5% over the past three months while the Dow Jones Industrial Average has slipped 3.7%.

Pfizer shares up as company tops profit, revenue estimates for Q2(7:10 am ET)Pfizer Inc. shares rose 1.1% in premarket trade Tuesday, after the drugs giant reported better-than-expected second-quarter profit and revenue and raised the midpoint of its revenue and adjusted earnings outlook. Pfizer said it had net income of $2.6 billion, or 42 cents a share, in the quarter, down from $2.9 billion, or 45 cents a share, in the year-earlier period. Adjusted per-share earnings came to 56 cents, ahead of the 52 cents FactSet consensus. Revenue edged down to $11.9 billion from $12.8 billion, also ahead of the FactSet consensus of $11.4 billion. "We were able to grow revenues by 1% excluding the impact of foreign exchange, marking the third consecutive quarter of operational revenue growth, despite the continued significant negative impact from product losses of exclusivity, primarily Celebrex and Zyvox in the U.S. and Lyrica in certain developed Europe markets," Chief Financial Officer Frank D'Amelio said in a statement. The company raised the midpoint of its 2015 revenue outlook by $500 million, and the midpoint of its adjusted EPS outlook by 4 cents. Shares are up 10% in the year so far, while the Dow Jones Industrial Average has shed 2%.

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